Safaricom, the leading telecommunications company in Kenya, witnessed a significant rise of 37.5% in the number of staff members dismissed due to involvement in fraud.
According to Safaricom’s annual report, the number of dismissals increased from 24 individuals in the same period the previous year. The primary cause of these cases was SIM-swap fraud, which was effectively addressed through enhanced monitoring and digitization measures.
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SIM-swap fraud occurs when fraudsters deceive mobile operators by posing as legitimate owners of a phone line through various deceptive tactics. In response, Safaricom has implemented a comprehensive whistle-blowing policy that includes an ethics hotline managed by an independent, accredited, and external institution.
The report states, “Safaricom has a whistle-blowing policy that provides for an ethics hotline managed by an independent, accredited and external institution. Through the hotline, anonymous reports on unethical/fraudulent behavior can be made without fear of retaliation from the suspected individuals.”
By utilizing this hotline, employees and customers have the opportunity to report any unethical or fraudulent behavior anonymously, ensuring that potential wrongdoings can be addressed without the fear of reprisals.
One of the significant risks associated with SIM-swap fraud is the potential unauthorized access to customers’ bank accounts, leading to financial losses. Fraudsters can exploit the compromised phone numbers to gain unauthorized access to bank accounts and unlawfully withdraw funds.
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